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CABLE: Extended the corrective pullback from Friday's high of $1.2467 through
Monday trade, as the UK returned from their long weekend(closed Friday for VE
Day), to a low of $1.2283 in early NY. Rate recovered to $1.2363, aided by
EUR/GBP easing back from its traded high of Gbp0.8806 to Gbp0.8751 and UST
yields coming under fresh pressure. However, yields recovered on Fed Bostic
comments concerning negative rates, and cable settled around $1.2335 into the
close. Risk aversion took hold in early Asia, linked to trade concerns between
the US and Australia, which acted to press cable down to $1.2287. Rate recovered
in tandem with EUR/USD through the balance of the session, edging to $1.2342
into Europe. Early sales have countered this recovery, the rate currently
trading around $1.2326.
- A light calendar for the UK Tuesday, focus on US CPI at 1230GMT. Wednesday
brings UK GDP, expectations for a sharp quarterly contraction due to COVID-19,
IP and Trade.
- Cable support $1.2287/83, $1.2266(May07 low). Resistance $1.2363, $1.2375,